Many people worry about the financial impact of retirement. That concern is understandable, especially considering that 20% of Americans aged 50 and older have no retirement savings, according to AARP.
However, there's good news: a Gallup poll found that 74% of retired Americans are living quite comfortably. So even if you're not entirely confident in your savings, you may find yourself pleasantly surprised once you officially leave the workforce.
That said, where you live plays a significant role in both affordability and overall lifestyle satisfaction in your golden years. According to WalletHub's data, certain states stand out as particularly favorable for retirees -- while others may be best avoided.
WalletHub ranked all 50 states based on affordability, healthcare access and quality of life. Based on these factors, these three states ranked the highest overall.
Florida has long been a haven for retirees thanks to its warm climate and lack of a state income tax. The state also receives more funding per senior than almost every other state from the Older Americans Act, which supports transportation and nutrition programs. However, homeowners insurance costs have soared in Florida in recent years due to major storms, and new condo laws have increased the cost of homeownership. As a result, a growing number of Florida retirees are returning to the workforce.
If you can handle Minnesota's harsh winters, you might enjoy a high quality of life there as a retiree. The state excels in health care access, boasting the most health care facilities per capita, the second-most nursing homes and the third-most home health aids.
Spending time outdoors has been shown to offer both physical and mental health benefits, so it's no surprise that Colorado ranks highly. The state's many parks and trails make it easy for retirees to stay active and engaged without spending a fortune. Notably, Colorado has the fourth-highest percentage of seniors in good health.
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